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Moosehead Messenger Staff - GREENVILLE and JACKMAN— UnitedKingfield Bank (UKB) and Border Trust Company (BTC) announced last week the signing of a definitive agreement in which UKB will purchase the Greenville branch of BTC while simultaneously BTC will purchase the Jackman branch of UKB. In a joint statement, Chief Operating Officer of UKB Jeffrey D. Smith and President and CEO of BTC James Violette said, “Both banks were exploring various strategic otions regarding operating branches in small, rural towns, and we’re pleased that a creative solution has been found which will benefit the banks as well as the communities they serve.” “Both communitties will benefit from this agreement,” noted Smith. “By concentrating our resources within a defined geographic market, we can both offer our consumer and business customers expanded product options while maintaining the same high level of performance and service they value.” “Border Trust was organized in 1969 in the Jackman area and we are pleased to remain resolute in our commitment to provide the same level of high-quality, personalized banking services to our customers there,” said Violette. In accordance with the agreement, UKB will sell certain assets and transfer certain deposit and other liabilities of its branch located in Jackman to BTC and BTC will see certain assets and transfer certain deposit and other liabilites of its branch located in Greenville to UKB. The transaction between UKB and BTC is subject to customary conditions, including regulatory approvals and is expected to be finalized by the end of the second quarter of 2004. UKB, a subsidiary of Camden National Corporation, (AMX, CAC), is headquartered in Bangor, and has 16 branches in Bangor, Bingham, Corinth, Dover-Foxcroft, Farmington, Greenville, Hampden, Hermon, Jackman, Kingfield, Lewiston, Madison, Milo, Phillips, Rangely and Stratton. They are also available online at www.unitedkingfield.com and have four ATM-only locations, two in Carrabassett Valley, one in Farmington and one in Phillips. BTC is headquartered in South China and has five branches in Augusta, Brunswick, Greenville, Jackman and South china. They are also available online at www.bordertrust.com. |